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Updated: Aug 16, 2025

The Collective Trust Game: An Online Group Adaptation of the Trust Game Based on the HoneyComb Paradigm
Published on: October 20, 2022
Trust and stock market volatility during the COVID-19 crisis
Nils Engelhardt1, Miguel Krause1, Daniel Neukirchen1
1TU Dortmund University, Faculty of Business and Economics, Chair of Finance, Otto-Hahn-Str. 6, Dortmund 44227, Germany.
Abstract:
We investigate if trust affects global stock market volatility during the COVID-19 pandemic. Using a sample of 47 national stock markets, we find the stock markets' volatility to be significantly lower in high-trust countries (in reaction to COVID-19 case announcements). Both trust in fellow citizens as well as in the countries' governments are of significant importance.
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